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Bank of Canada has lowered its overnight rate. Prime is now at 5.25% - a 50 bp decrease. The significance of the decrease is the increment amount - not since November 2001 has the Bank of Canada lowered its overnight rate by more than 25 bps (when the US was last in a recession).

Although Canada remains economically healthy - the 50 bp decrease in prime sparks increasing concern over the US economy and its effect on Canada. Core inflation in Canada remains below target which provides the Bank of Canada with "breathing room" to protect us against further downside risks. (Additional 50 bp decrease may come when Bank of Canada meets again in April).

Stay tuned.